Compass Group’s Sir James Crosby steps down

The Non-Executive Director of catering company Compass Group, Sir James Crosby, has resigned from his role and has asked for his knighthood to be removed, according to reports.

According to BBC.co.uk Crosby, also Former Chief Executive of banking and insurance company HBOS, will also forgo 30 per cent of his £580,000 per year HBOS pension following a critical report into the bank’s collapse during the financial crisis.

Sir James served as Chief Executive at HBOS between 2001 and 2006. A Banking Standards Commission report called him the "architect" of the strategy that led to HBOS’ downfall.

Compass Chairman, Sir Roy Gardner, said in a statement: "On behalf of the board, I would like to thank James for the significant contribution he has made to the company over the last six years."

Sir James said the Banking Commission report "made for very chastening reading". He added: "Although I stood down as CEO of HBOS in 2006, some three years before it was taken over by Lloyds, I have never sought to disassociate myself from what has happened.

"I would therefore like to repeat today what I said when I appeared in public before the commission in December; namely that I am deeply sorry for what happened at HBOS and the ensuing consequences for former colleagues, shareholders, taxpayers and society in general.”